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Chapter 8 Demand and Supply Flashcards | StudBud

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Chapter 8 Demand and Supply

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# demand and supply

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Questions 10

Answers

1
Demand
is the same as human desires.
is a production plan.
is the same as quantity demanded.
can be represented by a demand curve.
2
Which is correct about the law of demand?
The quantity demanded is assumed to be constant.
The product price is assumed to be constant.
Consumers' tastes are assumed to be constant.
A fall in quantity demanded leads to a rise in price.
3
When the quantity transacted equals the Qs and is smaller than the Qd, it is
an equilibrium.
a surplus.
a shortage.
a limited supply
4
The supply curve of the production of christmas trees tends to be
downward sloping.
horizontal.
vertical.
upward sloping.
5
Which of the following about the situation at Px is INCORRECT?
Market is cleared.
There is no tendency for the price to change.
Px is determined by the producers' side.
The quantity sold is Qx.
6
The market Qd at $10 is ________. The method used to obtain the market demand curve is _______.
26 units ... horizontal summation
17 units ... summing up horizontally
17 units ... horizontal summation
8 units ... vertical summation
7
The quantity sold of apples at $20 is
48 units.
12 units.
24 units.
indeterminate.
8
At $70,
there is a shortage of good.
the price tends to fall.
there is an excess demand.
supply is greater than demand.
9
A demand curve
must be downward sloping.
may be upward sloping.
must be upward sloping.
cannot be a straight line.
10
The 'shortage' of the christmas trees is caused by
the limited supply.
a high demand.
a high demand and the limited supply.
the price of christmas tress is set below equilibrium.